By bridging the gap between cryptocurrency and traditional banking, Crypto to Fiat Payments simplifies financial operations for decentralized organisations and provides flexibility for individual users.
Whether you're managing payroll for a global team or need to access your crypto earnings in fiat currency, our new feature streamlines the process, saving you time and reducing complexity.
How to make Crypto to Fiat payments
From the Colony user interface, click the hamburger icon (three horizontal lines) in the top right-hand corner.
Click on 'Manage account' to open your account settings.
Click on the 'Crypto to fiat' tab.
Complete the following three sections of the setup process.
1. Verification
Regulatory compliance requires users to complete Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
Verification typically takes just a few minutes but may take up to one business day if a manual review is needed.
Click the 'Start KYC' button.
Enter your personal details.
Click the 'Next' button.
Colony uses Bridge, our partner provider, to securely connect accounts and transfer funds. Please review and accept their Terms of Service and Privacy Policy by clicking the 'Accept' button.
Note: Your information is provided only to Bridge and is not stored by Colony.A window will appear to guide you through the verification process.
Click the 'Begin verifying' button to start.Next, click the 'Government ID' section and submit your relevant information and documents. A green circle will appear once this section is successfully completed.
To proceed, click the 'Basic information' section and submit your relevant information and documents. Upon successful submission a green circle will appear in this section.
Next, click on the 'Proof of Address' section to upload a document dated within the last 3 months that clearly shows the date, your name, and your address. Examples include a utility bill, phone bill, or bank statement.
You can either click the 'Take Photo' button to take a picture of your physical document or click the 'Upload' button to submit an existing digital one.
When your documents have been successfully uploaded, a green circle will appear in the 'Proof of Address' section. Click the 'Continue' button to proceed.
When all the sections of your ID verification are completed, a success message will appear. Click the 'Done' button to proceed.
When you close the success message above, you should see a green 'Approved' status in the Verification section.
If the status shows as 'Under review', a manual check is being carried out, and it may take up to one business day.
Your verification must be approved before you can submit your bank details in the next section.
2. Bank details
Next, add the bank details for the account where you want to receive your fiat.
Click the 'Add details' button.
Enter your bank details and click the 'Submit details' button.
If your bank details have been correctly submitted, a 'Completed' status will appear and you'll be able to enable automatic deposits in the next section.
3. Enable automatic deposits (optional)
To automatically deposit USD or EUR into your bank account whenever you receive a USDC payment, turn on the Enable automatic deposits toggle.
Please note that a 1% gateway fee, along with any transaction costs, will be deducted from your payment. All transfers will be listed for review, and you can download receipts for reference.
Once all three sections of the setup process are complete, you’ll be ready to receive USDC, which can be transferred directly to your nominated bank account.
Making a USDC payment
If you enabled Automatic Deposits, any payments received in USDC will be automatically converted to fiat and deposited into your nominated bank account.
Navigate to the left-hand menu bar and click the 'Create action' button.
This will open the action creation panel on the right-hand side.Enter a title that describes the reason for the USDC payment.
Select Simple payment from the Action Type dropdown menu.
In the From field, select the team from which the USDC will be sent.
If you are the recipient, select your own username as the Recipient.
You can also browse and select other recipients from the list of members.
However, only members who have completed the 'Crypto to Fiat' setup in their account settings will be able to receive fiat deposits in their bank account.Enter the amount of USDC to be paid.
By default, the colony's native token will be selected. Change it to USDC by clicking on the token symbol and selecting the USDC token from the dropdown menu.
Select how the action will be taken by selecting a Decision method.
You can also enter a Description to provide more context about the payment and include any links to external files, such as cloud-based receipts or contracts.
Checking your Crypto to Fiat transfer history
When a successful USDC payment has been made, our provider will process the transaction and initiate the bank transfer.
A record of the transaction will appear in the Transfer history section.
From your Colony user interface, click the hamburger icon (three horizontal lines) in the top right-hand corner.
Click on 'Manage account' to open your account settings.
Click on the 'Crypto to fiat' tab.
Scroll down to the Transfer history section. All bank deposits will appear here along with the option to view a receipt.
Please note: fiats deposit may take 1 to 3 business days to arrive in the nominated bank account.